Thursday, January 10, 2019

3 Simple Steps that Precede the Process to Consolidate Credit Debt

Consolidating date is a process whereby you combine all your debt into one, easy to manage loan or payment, in order to get into the right position to start consolidating there are some steps you must first take. Many people are facing terrible financial situations due to the global economic crisis and a great number of these people are looking at ways to ease the pressure on themselves, both mentally and financially, but how can they do this effectively?

Well, up until very recently the only effective way to avoid complete financial capitulation was to enter into a debt settlement program, as the option to consolidate credit debt through the use of a consolidation loan was all but closed; apart from to those that didn't really need it, as financial institutions were reluctant to lend money to any one who was in the slightest way a risk to them, although this situation is currently relieving itself thanks to government directives and bail out money.


So what are the three necessary steps to take for consolidating credit debt?

1. List your debt: It may sound obvious but you would be amazed how many people don't do this correctly. It would be wise to know just how much debt needs to be consolidated, some people would say that you do not need to consolidate all of your debt; but if you are going to go through the process of consolidation it may be wise to put all your eggs in one basket.

2. Comparing interest rates: Interest rates should always be compared there is no point in combining all of your debt if the interest rate of the consolidation loan is greater than the average rate of all your debt. However, there are methods you can employ that when put into place at the same time as consolidating will ensure this is a certainty, and you can check these methods out by visiting the sites linked to at the end of this article.

3. Get some counseling: There is no shame in asking for help; there are professional people out there, highly skilled in dealing with debt and the consolidation of debt who can offer you free counselling and advice and to ignore this wealth of experience would be foolhardy.


Now, although these steps are nothing more than the initial phase that precedes the process where you consolidate credit debt, they are nonetheless the foundation work for all that follows.



ABOUT THE AUTHOR 

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Wednesday, December 26, 2018

Securing Military Loans With Bad Credit To Consolidate Debt and Clear It

Dealing with pressing debts is a challenge for everyone. For military personnel, getting a military loan with bad credit and using it as a consolidation loan can be a perfect solution to the problem. There can be several reasons why a credit score drops, but it all comes down to the simple fact that combined repayments are too high to manage. But when members of the military get a military loan with bad credit, it can actually be the solution to the problem.

Members of the military are not immune to bad credit. True, they have a better employment status due to the fact their employer is the US government, but they still face the same financial challenges everyone else does. Clearing existing debt is not easy, and therefore securing extra funds to help in the task is important.

But there are great advantages for military personnel who choose to take out a military loan to handle their debt problems. The alternative is to seek a civilian loan to clear debts with, but the terms are not always great.


Military Vs Civilian Loans

So, what are the advantages that securing military loans with bad credit has over securing civilian loans? Well, for a start, the typical terms that come with the military option are far superior to those offered by traditional civilian lenders, with interest rates lower and loan limits stricter.

Because of their secure income, military members have little trouble in proving an ability to make repayments. And when clearing existing debts is the purpose of the loan being sought, the chances of getting approved are even stronger.

Repayment methods also mean that the chances of defaulting are pretty much non-existent. The government deducts military loan repayments each month, diverting the sum to the relevant lender. It means military personnel do not even have to worry about forgetting to make a repayment.
 

Military Vs Consolidation Loans

But given that there are numerous dedicated debt consolidation programs out there, is this not a more viable option for any military borrower too? In fact, it depends on the specific situation that the borrower is in. Getting a military loan with bad credit is easier, and should do the trick if the debt is modest.

However, if the debt is very large, and a significant degree of financial discipline is required, then getting a consolidation program from a recognized debt consolidation company is usually the best option. These professionals can ensure debts as large as $100,000 can be dealt with practically.

For military members, the challenge of clearing existing debts independently through a military loan can be too much. A consolidation company may be more expensive, with a fee added to loan charges and interest rates, but leaves little room for further mistakes.


Applying For A Military Loan

The decision whether to apply for a civilian loan or a military loan with bad credit is pretty straightforward, but like all financial products, getting the application right is essential to getting fast approval.

The best move is to approach one of the officially recognized military lenders, who have satisfied the standards set by the military itself. However, there are dozens of lenders who welcome military applicants. Providing proof of military membership is obviously pretty simple, but lenders will want to see a credit history, even when the loan purpose is clearing existing debts.

It is also worth approaching lenders online, with official military approval meaning the normal risks of borrowing a military loan online can be avoided. Applications can be received from overseas, unlike with civilian lenders.



ABOUT THE AUTHOR 

Lara Sawyer is the author of this article. She works successfully as a financial on Bad Credit Loans Guaranteed Approval. She publishes articles about Guaranteed Bad Credit Loans and others at http://www.fastguaranteedloans.com